Answer:
False.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, contract of sale, etc.
In South Africa, a contract of sale refers to an area of the legal which explicitly defines and establishes the rules that are applicable to the buying and selling of goods.
Basically, a contract of sale is considered to be valid if it is concluded by a simple agreement, a price is involved, and the thing to be sold is available and known to both the buyer and seller.
As a general rule, a seller doesn't have to be the owner of a thing or property being sold before the contract of sale is considered to be valid. Thus, a seller might be playing a fiduciary role on behalf of his or her principal who is the owner of a thing to be sold to a potential buyer.
